A Firm Characterized as a Price Taker

question 167

Multiple Choice

A firm characterized as a price taker

• A) has control over the price it pays,or receives,in the market.
• B) sets the price for the market.
• C) has no control over the price it pays,or receives,in the market.
• D) is not a characteristic of a perfectly competitive market.
• E) takes the price that is determined from the lowest price consumers are willing to pay for an item.

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Definitions:

Sensory Receptor

The ending of an afferent neuron that is specialized to detect specific energy stimuli in its environment.

Sensory Neuron

A nerve cell that is directly involved in receiving and transmitting information from sensory stimuli to the central nervous system.

Synaptic Plasticity

The ability of synapses to change in response to certain types of stimuli. Synaptic changes occur during learning and memory storage.

Walking Skills

The abilities or techniques associated with locomotion on foot, which can vary widely among different organisms and developmental stages.